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Vornado Announces Third Quarter 2012 FFO Of $1.34 Per Share

Stock quotes in this article: VNO

VORNADO REALTY TRUST (NYSE: VNO) filed its Form 10-Q for the quarter ended September 30, 2012 today and reported:

Third Quarter 2012 Results

NET INCOME attributable to common shareholders for the quarter ended September 30, 2012 was $232.4 million, or $1.24 per diluted share, compared to $41.1 million, or $0.22 per diluted share for the quarter ended September 30, 2011. Net income for the quarters ended September 30, 2012 and 2011 include $132.2 million and $3.6 million, respectively, of net gains on sale of real estate. In addition, the quarters ended September 30, 2012 and 2011 include certain other items that affect comparability, which are listed in the table below. Adjusting net income attributable to common shareholders for net gains on sale of real estate and the items in the table below, net of amounts attributable to noncontrolling interests, net income attributable to common shareholders for the quarters ended September 30, 2012 and 2011 was $73.3 million and $61.4 million, or $0.39 and $0.33 per diluted share, respectively.

FUNDS FROM OPERATIONS attributable to common shareholders plus assumed conversions (“FFO”) for the quarter ended September 30, 2012 was $251.0 million, or $1.34 per diluted share, compared to $195.1 million, or $1.05 per diluted share for the prior year’s quarter. Adjusting FFO for certain items that affect comparability which are listed in the table below, FFO for the quarters ended September 30, 2012 and 2011 was $212.2 million and $209.7 million, or $1.14 and $1.13 per diluted share, respectively.

(Amounts in thousands, except per share amounts) For the Three Months Ended September 30,
    2012   2011
FFO (1) $ 251,019   $ 195,125  
Per Share $ 1.34   $ 1.05  
 
Items that affect comparability income (expense):
After-tax net gain on sale of Canadian Trade Shows $ 19,657 $ -
FFO attributable to discontinued operations, including discontinued operations
of a partially owned entity 12,649 19,825
Discount on preferred unit redemptions 11,700 5,000
Income (loss) from the mark-to-market of J.C. Penney derivative position 4,344 (37,537 )
Net gain on sale of residential condominiums - 1,298
Verde Realty impairment loss (4,936 ) -
Buy-out of a below-market lease - (1,593 )
Other, net (2,084 ) (2,626 )
41,330 (15,633 )
Noncontrolling interests' share of above adjustments (2,549 ) 1,013  
Items that affect comparability, net $ 38,781   $ (14,620 )
FFO as adjusted for comparability $ 212,238   $ 209,745  
Per Share $ 1.14   $ 1.13  
     
 
(1) See page 4 for a reconciliation of our net income to FFO for the three months ended September 30, 2012 and 2011.

Nine Months 2012 Results

NET INCOME attributable to common shareholders for the nine months ended September 30, 2012 was $486.6 million, or $2.61 per diluted share, compared to $532.3 million, or $2.86 per diluted share for the nine months ended September 30, 2011. Net income for the nine months ended September 30, 2012 and 2011 include $205.9 million and $59.5 million, respectively, of net gains on sale of real estate, and $23.8 million of real estate impairment losses in the nine months ended September 30, 2012. In addition, the nine months ended September 30, 2012 and 2011 include certain other items that affect comparability, which are listed in the table below. Adjusting net income attributable to common shareholders for net gains on sale of real estate, real estate impairment losses and the items in the table below, net of amounts attributable to noncontrolling interests, net income attributable to common shareholders for the nine months ended September 30, 2012 and 2011 was $307.5 million and $298.3 million, or $1.65 and $1.60 per diluted share, respectively.

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